Could it be the moral cost that is factored in when valuing companies under their cash value? Some companies come with liabilities that are not in the books; s

Could it be the moral cost that is factored in when valuing companies under their cash value? Some companies come with liabilities that are not in the books; such as having promised to guarantee their workers wages or retirement for decades. If you buy the company and close up shop, you might either be liable to cover these "soft costs" or you might cause political harm to your own operation.